Consolidation in the European Financial Industry by Roberto Bottiglia, Elisabetta Gualandri MA, Gian Nereo

By Roberto Bottiglia, Elisabetta Gualandri MA, Gian Nereo Mazzocco (eds.)

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In this interpretative model, which groups these factors into categories, the accent is placed mainly on the synergies an M&A operation is expected to generate as a result of higher levels of efficiency, due in turn to economies of scale or scope, on the acquisition of market power (deriving both from the size of the organisation created in relation to the structural characteristics of the market, and perhaps from the acquisition of too big to fail status), and on a combination of essential subjective factors which determine and guide the management’s attitudes.

An increase in technical efficiency and efficiency of scale is observed for all countries examined except Germany. In general, improvements in efficiency appear to depend mainly on the size of the banks involved and economic conditions in the country concerned. Fritsch–Gleisner–Hozhauser (2007) The analysis refers to M&A operations involving target banks in Central and Eastern European countries (while bidders were mainly West European institutions). The findings do not reveal any specific ‘announcement effect’ on the acquirers’ share value.

The main factor affecting these results is the ability of the management to improve the quality of the bank’s assets. Siems (1996) The study analyses the results of mega-mergers. Positive CARs can be observed for target banks and negative CARs for bidder banks, which, however, can achieve better results if there is territorial overlapping. The findings suggest that the market evaluates M&As in a positive manner and expects them to generate cost reductions and improved efficiency, rather than an increase in market power.

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